Key Findings
- The Thailand Online Insurance Market is
anticipated to grow as a result of changing consumer lifestyles, rapid
increase in urbanization, and the tech-savvy generation that are favoring
online purchasing.
- Thailand’s current total insurance penetration
is 5.5%, which is higher than the penetration in emerging markets like
China (4.4%), India (4.1%), Indonesia (1.5%), Vietnam (3.3%), and the
Philippines (1.7%). Increasing digital insurance users due to rise in
internet penetration stands at 69.5% in 2021.
- The Government’s Policy of “Insurance
Development Plan 4.0” aims to digitally transforming the country that will
fuel the interest in how InsurTech will transform the country’s insurance
industry.
Thailand
Online Insurance Market Overview:
A shift to
targeted Health Management: Thailand is
one of the fastest-ageing countries in the world where the proportion of the
population aged 60+ is projected to increase to 33% in 2040. Hence many old
people are to issue insurance policies in future along with changes in the
society like fast-growing middle class and health tech-savvy working population
consumers create opportunities for multiple players to enter the market.
Future
Technologies: The online
shopping industry is always changing through new trends that will affect
businesses in coming years with merchants creating and/or improving their
online businesses. Technologies that will transform the Online Insurance
Industry in Thailand include Predictive Analysis, Artificial Intelligence,
Machine Learning, Internet of Things, InsurTech, Telematics, Chatbox, Lowcode
and more where digital insurance offerings and a defined omnichannel approach
to customer service is driving the pace of change in the insurance industry in
Thailand. Insurance technology is poised to mature even more by 2022 that can
scale and update with changing demands and capabilities of the consumers.
Online
Insurance Sales: Online
insurance sales may be relatively small compared to sales through agents/
brokers or bancassurance, but the online distribution channel is becoming an
increasingly popular choice. It is expected that Thai’s would issue online
insurance as it is more convenient issuing e-policies, e-claim payments,
instant insurance issuance with minimal paperwork will boost the market in near
future.
Analysts at Ken Research in their
latest publication “Thailand
Online Insurance Market Outlook to 2026F- Driven by digital disruption and
rising awareness for financial planning along with sound government policies”
by Ken Research observed that with the online insurance industry being at the
nascent stage, the marketplace offers wide opportunities at affordable premiums
as multiple players enter the market. The market is expected to grow @5.7% CAGR
(2021-2026F) owing to the increase in smart phone penetration rate and
increased consumer spending on different life and non-life insurance due to
growing penetration of internet and smart phones and increasing safety measures
for emergencies are driving the market in Thailand.
Key Segments
Covered in the report
Thailand
Online Insurance Market
- By Product Type
- Life Insurance
- Non-Life Insurance
- By Non-Life Insurance
- Health Insurance
- Motor Insurance
- Property insurance
- Others
- By Region
- Bangkok
- Songkhla
- Lamphun
- Others
- By Income
- Less than 40k
- More than 40k
- By Mode of Distribution
- Agents
- Aggregators
- Company Website
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Key Target
Audience
- Insurance Industry
- Online Insurance Companies
- Policy Consultants
- Life and Non-Life Insurers
- Government Agencies
- Private Insurance Agents
- Insurance Brokers
- Market Research and Consulting Firms
Time Period
Captured in the Report:
- Historical Period: 2016-2021
- Base year: 2021
- Forecast Period: 2022F-2026F
Thailand
Online Insurance Market Companies Covered:
- Prudential Life Assurance
- Muang Thai Life Assurance
- Bangkok Life Assurance
- South East Life Insurance
- Ocean Life Insurance
- FWD Life Insurance
- Allianz Ayudhya Assurance
- SCB Insurance
- Manulife Insurance
- Krungthai AXA Life Insurance
Key Topics
Covered in the Report
·
Executive
Summary of Thailand Online Insurance Market
·
Thailand
Country Overview
·
Thailand
Insurance Sector Overview
·
Number
of Online Insurance Companies in Thailand
·
Thailand
Online Insurance Market Genesis and Overview
·
Major
Challenges in Thailand Online Insurance Market
·
Comprehensive
Analysis on Thailand Online Insurance Market (Market Size, 2016-2026F; Market
Shares; Future Trends)
·
Industrial
Analysis of Thailand Online Insurance Market
·
Government
and Private Initiatives for Thailand Online Insurance Market
·
Technologies
Shaping Thailand Online Insurance Market
·
Competitive
Landscape in Thailand Online Insurance Market
·
Analyst
Recommendations
Related
Reports:
Global Online Life Insurance Industry Market
Research Report
Contact Us:-
Ken
Research
Ankur
Gupta, Head Marketing & Communications
